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Alternative derivation of the leximin principle. (English) Zbl 1295.91045
Summary: This note provides an alternative derivation of the leximin principle using the framework of J. C. Harsanyi’s equi-probability model [“Cardinal utility in welfare economics and in the theory of risk-taking”, J. Polit. Econ. 61, 434–435 (1953; doi:10.1086/257416)]. We demonstrate that the leximin principle is concluded if and only if the preference ordering of the impartial observer obeys strong monotonicity and complete risk aversion.

MSC:
91B15 Welfare economics
91B14 Social choice
91B16 Utility theory
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